POKEMON related NEWS::; see Rueters just now picking up the fact that any pokemon related stock is surging and will likely continue... guess what... tomorrow is going to be even bigger... this bodes well for SYCD that weren't mentioned but implied! jim
Wednesday August 25, 4:09 pm Eastern Time
Grand Toys shares double on Pokemon craze
Kristin Roberts
NEW YORK, Aug 25 (Reuters) - Shares of Canada's Grand Toys International Inc. (Nasdaq:GRIN - news) doubled on
Wednesday, continuing a three-day rally, to hit a new year-high after announcing it has a license to make Japanese-born Pokemon
products.
Grand Toys hit $30.254 midday, up $14.94 on the day making it one of Nasdaq's most active issues. The stock retreated to
$22.875 in late afternoon trade, still well above Friday's closing price of $7.
Company officials in Montreal did not return calls for comment on the stock activity.
Industry analysts and trade publications said the Montreal-based toy distributor got a license to make and sell Pokemon products in Canada. Pokemon are cartoon
animal characters featured in a television series, as well as in videos and games.
``Pokemon today is having a magic effect,' David Leibowitz, an analyst with Burnham Securities, said. ``The Pokemon phenomenon is clearly capturing the hearts
and minds of investors, and Grand Toy is the big winner of the day.'
Other toy companies also saw their stock prices climb Wednesday including The Topps Co. (Nasdaq:TOPP - news), up $1.19 to a new high of $11.81, and
Toymax International Inc. (Nasdaq:TMAX - news), up $3.19 to a new high of $13.75.
``Many of the companies involved with Pokemon are of smaller market cap so that any concentration of buying has a disproportionate effect on share prices,'
Leibowitz said.
Individual traders talked up Grand Toys stock in chat rooms, saying they expect Grand Toys to triple its share price and hit 35 by Thursday. Some in the chat rooms
said they planned to start selling the stock, believing Grand Toys has run as high as possible.
Leibowitz said he could not estimate a fair value for the
stock. |
